This Slide: #55 of 100 |
Slide #55. W&T Offshore, Inc. — Callon Petroleum Assets
Acquirer:
W&T Offshore, Inc. (NYSE:WTI)
Acquiree:
Callon Petroleum Assets
Details:
W&T Offshore, Inc. (NYSE: WTI) announced today that it has entered into an agreement with Callon Petroleum Operating Company ("Callon") to acquire substantially all of Callon's exploration and production properties in the Gulf of Mexico. The transaction includes a 15% working interest in the Medusa field (deepwater Mississippi Canyon blocks 538 and 582), a 10% membership interest in Medusa Spar LLC (which owns a 75% interest in the Medusa field's production facilities) and various interests in 12 non-operated Gulf of Mexico fields. The purchase price is $100 million (subject to customary post-effective date adjustments) and the assumption of $6.4 million of future asset retirement obligations. The effective date is July 1, 2013, and the transaction is expected to close on or about November 30, 2013. The acquisition will be funded from W&T's available cash on hand and revolving credit facility.
W & T Offshore is an independent oil and natural gas producer, engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. Co. holds working interests in various offshore producing fields in federal and state waters. Co. sells its crude oil, natural gas liquids and natural gas to third-party customers.
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